Regulatory Alerts2007-05-02
Law of 2 May 2007 on disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market
The Belgian legislature enacted this law to transpose European Union transparency directives into national law, establishing a regulatory framework for the disclosure of major holdings in issuers with shares traded on regulated markets. The legislation mandates that any natural person or legal entity must notify both the issuer and the Financial Services and Markets Authority (FSMA) whenever their voting rights reach or cross specific thresholds, starting at 5% and increasing in 5% increments. These notification obligations apply to direct and indirect acquisitions, disposals, and changes in voting power resulting from agreements to act in concert or other financial instruments equivalent to voting securities.
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